DOBBS FERRY, N.Y. -- March 15, 1995 -- href="dir.hirsch.hal.html">Hal M. Hirsch, Chapter
11 Trustee of Fingermatrix Inc.
EBB:FINXC), Wednesday reported that
the United States Bankruptcy Court for the Southern District of New York has
approved the Disclosure Statement which will now be distributed, along with
the Plan of Reorganization, to all Fingermatrix creditors and the 8,000-plus
stockholders, who have an opportunity to vote for or against the Plan.
Both the Creditors Committee and the Equity Holders Committee have endorsed
the Plan, Hirsch said.
All those wishing to vote must return their ballots to the counsel for the
Trustee by the end of business on March 27 to be counted, he added.
The Trustee filed the Plan of Reorganization Feb. 7, and the hearing at
which the court will consider confirmation of that Plan is scheduled for March
31, according to Hirsch.
These actions are the culmination of a two-year battle waged by the
Fingermatrix Stockholder Alliance, representing a majority of the stock
outstanding, and its successor, the official Equity Holders Committee, to
replace the company's management and board of directors. Hirsch assumed
direction of the company as Trustee last Aug. 15. He discharged the
management Nov. 17, and installed the new management team.
The company pioneered the field of electronic fingerprinting now coming into
wide use and has 19 patents covering the technology.
NOTE TO EDITORS: For further information, or copies of the Disclosure
Statement and Plan of Reorganization contact:
Allen G. Kadish, Esq.,
Gainsburg & Hirsch,
Attorneys for Hal M. Hirsch,
Chapter 11 Trustee,